Executive Summary
ICAP is the world's largest voice and electronic interdealer broker with a daily average transaction volume in excess of $1 trillion, 50% of which is electronic. The Group is active in the wholesale market for OTC derivatives, fixed income securities, money market products, foreign exchange, energy, credit and equity derivatives. ICAP provides a specialist intermediary broking services to commercial banks and investment banks in the wholesale financial markets. An interdealer broker works in these markets to draw together liquidity and to match buyers and sellers so that deals can executed by its banking customers. Banks pay a commission when they use a broker to complete a deal. ICAP offers banks significant economies of scale in price discovery by having a number of staff covering each product and in constant contact with a range of counterparties. Access to a broker therefore allows a bank to increase market coverage in busy times without incurring additional overheads. In many markets ICAP operates as an agent or matched principal broker providing banks with the opportunity to deal anonymously through a neutral party at the most attractive price available.
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